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Our first #trendfollowing #autotrader trade is closed at +60 pips. We had a glitch, as most new software does. We will close down the autotrader for the day, fix the glitch, and be back up and running very shortly. We are happy with the performance of the first trade. Ryan is currently writing a blog post about the trade and I urge you all to read it when it is posted. You will learn something
https://www.myfxbook.com/members/JoaquinTrading/trend-following-autotrader/2768394
Today is the first day we have had closed trades on the autotrader. It took a USDCAD long position for +60 pips. As stated before we began this journey, this strategy on the USDCAD has a 60 pip Take Profit and a 35 pip Stop loss.
So last night, I was sitting back all happy that the profit was +10 and then this morning it's at +40 when I check it. It's so nice to have something to be able to trade for me when I can't be there to monitor the market!
We did have a glitch though. The software took 3 trades for every 1 trade that should have been taken. The bad part is that we can not allow this to continue and Terry is looking, diligently, into this as we speak.
The good part is that whoever got into the trade doesn't have +60 pips on 1 position but on 3 for a total of +180 pips for the day. Pretty nice mistake but we don't want it to happen again. We will chalk this up as our Cyber Monday Thank You Glitch! hahaha
Anyway, the #autotrader is turned off for now. You don't need to do anything if you are connected. We will fix it from our end. :)
I am very happy with the result of this so far. While we are on the topic of autotraders, let's break down some math for all us hillbillies in here...
What is required to make, say, 30% per year? 50% per year? 100% per year? Let's try to take the undoable and see if it's actually possible. Let's look at the math on 100% per year...
100% on $3k (the starting balance on the autotrader demo)
There are a total of 252 trading days in a year. Normally, manual traders might trade less than that, due to vacations and whatnot but #autotraders can trade 24 hours per day.
$3000 divided by 252 equals $11 per trading day of profit, on average. If a trader could maintain this, at the end of the year, he would have $6,000. Can you make $11.90 per day from a $3,000 account? Well, some traders can. Others like myself, can not.
How about 50% That's something I am more comfortable with. Instead of making $11.90 per day, we only need to make about $5.95 per day on average. If you look at the link below, you can see that we made about $4.42. (Those of you reading this on a later date.. it was $4.42 on the day Ryan wrote this.)
This is not reached the $5.95 threshold yet but remember, we are still on day 1.
https://www.myfxbook.com/…/trend-following-autotrad…/2768394
I am sure that some people will read this when we are experiencing drawdown. This is cool as well. This happens. Our job is to attempt to make a profit before we pull the plug. How much profit?
Not enough yet. Let's wait and see what tomorrow brings. 😎
If you are ready to stick your toe in the water, check out what the Autotrader is based upon. We wont spill our secret sauce of course but here... https://joaquintrading.com/probability_tool_suite_v322832938